Choosing when to start collecting Social Security benefits is one of the most important financial decisions seniors will make. Many Americans know that waiting to take these benefits can result in larger monthly checks. But exactly when you should start — and what age gets you the full amount — depends on your birth year and overall situation.
Why Waiting Matters
While it’s possible to start collecting Social Security at age 62, doing so can significantly reduce your monthly payments. Financial experts often advise waiting until your Full Retirement Age (FRA) to get 100% of your benefits. If you take it early, your check could be cut by up to 29%, especially for those born in 1959.
But what exactly is the Full Retirement Age?
Understanding Full Retirement Age (FRA)
For many years, the FRA was set at 65. However, due to changes passed by Congress in 1983, the age started increasing slowly to reflect longer life expectancies.
Your FRA depends on your birth year:
- Born in 1955: FRA is 66 years and 2 months
- Born in 1957: FRA is 66 years and 6 months
- Born in 1958: FRA is 66 years and 8 months
- Born in 1959: FRA is now 66 years and 10 months, starting from May 2025
- Born in 1960 or later: FRA is 67
So, for someone born in 1959, the window to reach FRA is March 2025 to January 2026, depending on the birth month.
How Much Could You Get at FRA?
On average, the monthly benefit at FRA is about $4,018, but it varies for each person based on income history and when they choose to claim.
If you claim at 62, you could lose up to 29.17% of what you’d get by waiting until your full retirement age. That’s a significant cut, especially for those who rely mainly on Social Security in retirement.
Should You Wait Until 70?
Waiting even beyond FRA has its perks. Thanks to something called “delayed retirement credits”, your benefit increases by around 8% each year you delay, until age 70. After 70, it stops growing.
Experts like Gal Wettstein from Boston College say that, on average, waiting until 70 results in the highest monthly benefit — if your health allows it. This is especially true for those who expect to live a long life.
Why Do So Many Take It at 62?
Despite the benefits of waiting, most Americans still start collecting Social Security as soon as they can — at 62.
A Bankrate study found two main reasons:
- Many don’t expect to live long enough to make waiting worthwhile.
- Others need the money immediately due to a lack of savings or financial struggles.
As Monique Morrissey from the Economic Policy Institute explained, “Many people don’t have enough savings. It also makes people nervous to draw down what they do have.”
Future of Social Security: Another Concern
Another reason people rush to claim early is concern about the future of the Social Security program. Current forecasts suggest that by 2035, the Social Security trust fund may only be able to pay out 83% of promised benefits unless changes are made.
This makes many retirees uneasy, prompting them to take what they can while they can.
Delays and “Fairness” Concerns
It’s not just about when to claim — many seniors face long delays in processing their Social Security applications. Some are being told to wait up to 230 days for a review.
On top of that, around one million Americans haven’t yet received their “Fairness” adjustments, a long-promised change that could affect their benefits.
While it’s tempting to claim Social Security as soon as you turn 62, the long-term benefits of waiting are hard to ignore. If you’re healthy and can afford to delay, waiting until your Full Retirement Age — or even 70 — could mean thousands more per year. But everyone’s financial situation is different. It’s best to consider your health, savings, and life expectancy before deciding. And always stay updated on Social Security changes to make the most informed choice.